The Board of Xtract Resources Plc provided information on the preliminary hand-held XRF geochemical measurements undertaken on the first hole of the Racecourse Copper-Gold Deposit drilling programme at the Bushranger exploration project, located in the Lachlan Fold Belt of New South Wales, Australia. Drill hole BRDD-20-001 was completed at an amended total depth of 1,145.6m, with the drill hole intersecting 905m of porphyry-associated copper mineralisation based on analysis by hand-held XRF spectrometer. Drilling of the second hole (BRDD-21-002) of the Phase One drilling programme has commenced. The Phase One drilling programme at the Racecourse Mineral Resource was designed to follow up on the results obtained by Anglo American Exploration Australia Pty Ltd. in 2014 and 2015. The objective of the Phase One drilling programme is to continue to extend the highest-grade copper-gold intersections to the northwest, beyond the limits of previous drilling and to investigate the copper-gold zonation within the Racecourse Mineral Resource. The initial phase of drilling will comprise three Priority 1 drill holes for approximately 2,290m. Providing encouraging results are received from the Priority 1 drill holes, a further six Priority 2 holes will potentially be drilled for an additional 3,995m. The Phase One drilling programme commenced on 16 December 2020 and the first drill hole of the Phase One Programme (BRDD-20-001) was completed at a total depth of 1,145.65m on 23 January 2021. Substantial copper mineralisation was first intersected in the hole at a downhole depth of 110m and copper mineralisation continued to a depth of 1,015m. The close association of pyrrhotite with the chalcopyrite copper mineralisation, suggest the Racecourse Mineral Resource is a reduced copper-gold porphyry deposit, in contrast to the oxidised porphyry copper-gold deposits, which are more common throughout the Lachlan Fold Belt in New South Wales. Reduced copper-gold porphyry deposits are known to have a higher proportion of gold in comparison to copper. Hand-held XRF readings of the copper mineralisation were taken on the basis of three readings per one metre interval along the entire length of drill hole BRDD-20-001. The XRF results give an indication of the grade of the copper mineralisation intersected in the drill hole. However, the XRF results will need to be confirmed with traditional geochemical assays taken from half core samples. Laboratory geochemical testing will also include gold assaying, as the gold content cannot be accurately established by the XRF instrument. Core from drill hole BRDD-20-001 is currently being split into half core samples and the first shipments of samples will be dispatched to the geochemical laboratory this week. The preliminary hand-held XRF measurements of the copper mineralisation in drill hole BRDD-20-001 (XRF results to be confirmed with geochemical assays taken from half core samples) indicate that copper mineralisation occurs over a downhole width of 905m from 110m downhole depth including: 40m at 0.3% Cu from 110m using a 0.2% Cu cut-off, 148m at 0.3% Cu from 171m using a 0.2% Cu cut-off, Including 30m at 0.6% Cu from 235m using a 0.3% Cu cut-off, 287m at 0.3% Cu from 474m using a 0.2% Cu cut-off, Including: 30m at 0.4% Cu from 517m using a 0.3% Cu cut-off and: 23m at 0.5% Cu from 628m using a 0.3% Cu cut-off and: 39m at 0.5% Cu from 722m using a 0.3% Cu cut-off. The 905m intersection of copper mineralisation in drill hole BRDD-20-001 extends for 330m along strike to the northwest beyond the current limit of the Racecourse Inferred Mineral Resource, suggesting that there is potential to significantly increase the Resource. The second drill hole (BRDD-21-002) of the Phase One drill programme to further test the potential northwest extension of the Racecourse Mineral Resource is currently at a depth of 138.1m in hanging-wall black shales, with minor chalcopyrite and pyrrhotite mineralisation visible well above the target zone. Planned total depth is 750m at an angle of -80 degrees.